BG worst place to buy property?

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gimlet
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Postby gimlet » Sat Dec 24, 2011 4:22 pm

The excellent Milen Hristov has noted this development.


11 Sep
2011
Buying land in Bulgaria without registration of limited company

The Bulgarian legislation have set a restriction for buying land by foreigners directly. This was changed when Bulgaria was accepted as EU member state in 2007. However, the accession treaty allowed Bulgaria and Romania to extend the restriction for few more years. Naturally both states took advantage of this option.

The right for extending the restriction is set in Annex 6, part 3 (movement of capital), point 1 to the Treaty for Accession of Bulgaria and Romania to the EU. The annex to the treaty for accession provides the right to Bulgaria to keep up to 5 years the restriction for the right of foreigners to directly own land in Bulgaria:

Notwithstanding the obligations under the Treaties on which the European Union is founded, Bulgaria may maintain in force for five years from the date of accession the restrictions laid down in its legislation existing at the time of signature of this Protocol on the acquisition of ownership over land for secondary residences by nationals of the Member States or the States which are a party to the European Economic Area Agreement (EEAA) non-resident in Bulgaria and by legal persons formed in accordance with the laws of another Member State or of an EEAA State

Even longer - 7 years – term is set for owing agricultural land and forests:

Notwithstanding the obligations under the Treaties on which the European Union is founded, Bulgaria may maintain in force for seven years from the date of accession the restrictions laid down in its legislation existing at the time of signature of this Protocol on the acquisition of agricultural land, forests and forestry land by nationals of another Member State, by nationals of the States which are a party to the European Economic Area Agreement and by legal persons formed in accordance with the laws of another Member State or an EEAA State. In no instance may a national of a Member State be treated less favourably in respect of the acquisition of agricultural land, forests and forestry land than at the date of signature of the Accession Treaty or be treated in a more restrictive way than a national of a third country.

Luckily the 5 years period expires next year -01.01.2012, so the restriction should be removed. You can read the full text of the annex VI for further details.
http://mhlegal.eu/blog/page/2/

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malman

Postby malman » Mon Dec 26, 2011 1:19 pm

shebry wrote:I never wrote the following, it was a quote from Novinite
shebry wrote:
Sofia is regarded as one of the most dangerous cities in Europe. Organised crime is rife and almost a third of its citizens never feel safe in the capital!


unfortunately the uk is just the same, it is just better disguised...

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Postby Experimentality » Mon Dec 26, 2011 11:50 pm

So, you're saying there is a better place? Facts are, that the property market in both the entire EU and US has fallen apart with China soon to follow (tm). Prices were speculative and are falling down to a mere "high". In the next few years they'll fall to "affordable". Most likely that loss is taken over inflation which means everybodys money will just be worth less and that's fairly harsh on a population especially if it's already fairly poor and the basic necessities (food, water, shelter) becomes unaffordable. That's on a systemic level.

If you really want to invest in property, you'd be better off in Bulgaria, simply because the % loss in nominal currency would be much less. Want an example?

A worn down, mid 70's house here in Denmark is regarded as 'cheap' when it 'only' costs 1,8 mio dkk. That's around 250.000 euro. For the same house, in the same condition you'll pay around 25.000 euro in Bulgaria.

Prices drops 25% more? That's a 75.000 euro loss in Denmark. In Bulgaria it's 7.500.

Tip: Buy a house for living in it. Not because you want to earn on buying it to begin with. Everything you paid for a property you should consider "spent money". It's not like you're calculating the value of a leaf of bread after you bought it. Then again.. if you bought a leaf of bread 10 years ago, the price would have gone up 350%. (or more correctly, your money would be 350% less worth)

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Postby brianj42 » Tue Dec 27, 2011 10:32 am

I am still somewhat confused by the 2012/2014 thing in that I have an appointment with my lawyer in Sofia in January to buy three properties, and he has catagorically said (following four requests to definately confirm) that I will NOT need a BG company to buy them. And, no, none of them are apartments they are all houses and this is one of the top lawyers in BG. :?

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Re: bg

Postby Oscar » Tue Dec 27, 2011 11:08 am

mrmike wrote:They gambled they lost thats life live with it they never complained when they were making plenty if they wait long enough it will come back


In fact,the investors(speculators,gamblers) aren't even bothered about the country they invest in,just the profits that they can make on their purchases,they are only in it for the short haul,until cashing in time comes, If they aren't bothered about the country they invest in,why should that ciountry be bothered about them,it was them that drove up the prices for everyone else.

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Postby MOD » Tue Dec 27, 2011 11:15 am

brianj42 wrote:I am still somewhat confused by the 2012/2014 thing in that I have an appointment with my lawyer in Sofia in January to buy three properties, and he has catagorically said (following four requests to definately confirm) that I will NOT need a BG company to buy them. And, no, none of them are apartments they are all houses and this is one of the top lawyers in BG. :?


The places to continue to discuss this particular issue are here:


http://www.mybulgaria.info/modules.php? ... 8&start=77

and here:

http://www.mybulgaria.info/modules.php? ... 0&start=77

This topic is for discussing the news article as per the O/P only. That's why it's in the 'Media' section. :wink:

Thanks. Mod 8)


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